Under the gold standard, all except one of the following are true. Which is not true?

a. Paper currency was convertible into gold at a fixed rate.
b. A balance-of-payments deficit would result in a loss of gold.
c. A balance-of-payments surplus would result in an inflow in gold.
d. The money supply of any country was largely determined by flows of gold.
e. A surplus country experienced a rise in its money supply and a drop in its price level.


E

Economics

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If a perfectly competitive firm cannot avoid economic losses, it should continue to operate in the short run as long as

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Investment includes all of the following EXCEPT:

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A country cannot set its own policies toward the international movement of productive resources.

Answer the following statement true (T) or false (F)

Economics